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Stock News: Gulf Markets Rise As Oil Gains

Stock News: Gulf Markets Rise As Oil Gains

Dubai’s index added 1.2 per cent, with Dubai Islamic Bank’s (DIB) 2.8 per cent gain the main support.

Most Gulf stock markets edged up in early trade on Monday as Brent crude pared losses to break back above $50 per barrel.

Dubai’s index added 1.2 per cent, with Dubai Islamic Bank’s (DIB) 2.8 per cent gain the main support.

Two other Dubai lenders, Emirates NBD and Mashreq, reported strong quarterly results on Sunday and investors may be betting that DIB will follow suit.

Dubai-listed shares in Bahrain’s Gulf Finance House (GFH) climbed 2.3 per cent and topped trading volume on the emirate’s bourse, although GFH said on Monday that it had no information to disclose after its shares jumped in the previous session

Abu Dhabi’s index edged up 0.5 per cent as blue chips Etisalat and Abu Dhabi Commercial Bank added 0.9 and 1.5 per cent respectively.

Qatar’s bourse climbed 0.4 per cent. Qatar National Bank rose 1.0 per cent.

Oman’s benchmark inched up 0.1 per cent while Kuwait slipped 0.6 per cent.

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